Zoomlion(SZ:000157) 光大证券研究·2025-09-13 00:06Core Viewpoint - The company demonstrates steady revenue growth and continuous improvement in profitability, with significant increases in net profit and operating cash flow in the first half of 2025. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 24.85 billion, a year-on-year increase of 1.3%; net profit attributable to shareholders was 2.76 billion, up 20.8%; operating cash flow net amount was 1.75 billion, an increase of 112.5% [4] - The gross margin was 28.1%, a decrease of 0.2 percentage points year-on-year; the net profit margin was 11.7%, an increase of 1.3 percentage points year-on-year [4] - The company proposed a dividend of 0.20 per share, with a payout ratio of 62.6% [4] Group 2: Business Segments Performance - In H1 2025, revenue from concrete machinery and lifting machinery was 4.87 billion and 8.37 billion respectively, with year-on-year growth of 15.7% and 1.2% [5] - The company’s traditional business maintains a strong domestic market position, with significant growth in new energy mixer trucks and crawler cranes; overseas business scale and market position continue to improve, with overall export sales growth exceeding 13% [5] - Revenue from earthmoving machinery, aerial work machinery, and agricultural machinery was 4.29 billion, 2.59 billion, and 1.99 billion respectively, with year-on-year changes of +22.1%, -34.5%, and -15.2% [5] - The company leads the market share in large excavators domestically, with export sales growth exceeding 33%; aerial work machinery products have achieved large-scale exports in Europe, America, and Asia-Pacific [5] Group 3: International Expansion - In H1 2025, overseas revenue reached 13.81 billion, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, an increase of 6.5 percentage points year-on-year [6] - The African region saw a year-on-year growth exceeding 179%, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth; emerging market sales accounted for 39% [6] - The company continues to advance overseas capacity construction, upgrading the German Wilbert factory and establishing a new high-tech factory in Hungary, enhancing its long-term competitive advantage in overseas markets [6]